Certified Food Manufacturing
For Sale
$1,499,000
947 Carney Court, Antioch, IL 60002
Commercial Sale, Antioch, IL
Property Size18,900 SF
Lot Size1.13 Acres
Price / SF$79.31
Days on Market216
Property Features for 947 Carney Court
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
INDUS
Directions
173 to MCMILLEN TO ANITA TO CARNEY
Subdivision
Antioch
Standard status
Active
APN
02084050440000
Lot size
1.13 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
43010
Utilities
Cooling system
Central Air
Building Details
Year built
1992
Floors in Building
2
Listing Agency:
Realty World Tiffany R.E.
(847) 395-1010
Listed By:
Bryan Shaughnessy · License #475168061
(847) 395-1010
Added: Jan 22
Changed: Aug 20
Last Checked: Aug 26 at 2:06PM
MLS# 12552740
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1992, this 18,900-square-foot manufacturing facility occupies 1.13 acres and is configured for refrigerated food production. Insulated metal panel construction, central air, and clear ceiling heights ranging from 17 to 28 feet provide the core physical infrastructure. The building carries FDA approval along with NSF, SQF, and Kosher certifications, and will be delivered vacant to the buyer.
Loading capacity includes six 17-foot overhead doors and two loading docks equipped with levelers. The property is zoned INDUS and located in Antioch, Illinois, in Lake County. Its combination of certified food-production improvements, refrigerated space, and industrial loading infrastructure supports a range of manufacturing and warehouse requirements.
Loading capacity includes six 17-foot overhead doors and two loading docks equipped with levelers. The property is zoned INDUS and located in Antioch, Illinois, in Lake County. Its combination of certified food-production improvements, refrigerated space, and industrial loading infrastructure supports a range of manufacturing and warehouse requirements.
Key Highlights
- 18,900 SF refrigerated food production facility on 1.13 acres
- FDA approved with NSF, SQF, and Kosher certifications
- Insulated metal panel construction with 17- to 28‑foot clear heights
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$98,792
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.59%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,975,840
$2.0M
Cap Rate 7%
$1,411,314
$1.4M
Cap Rate 9%
$1,097,689
$1.1M
Market Conditions
NOI Build-Up for 18,900 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$122.5K $6.48/SF
− Vacancy
−$6.2K −$0.33/SF
EGI
$116.2K $6.15/SF
− OpEx
−$17.4K −$0.92/SF
NOI
$98.8K $5.23/SF
Area
Lake County, IL
Vacancy
5.10%
Lease Rate
$6.48 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,975,840
Cap Rate 7%
$1,411,314
Cap Rate 9%
$1,097,689
Alternative Uses
Best Use
Warehouse
$1.41M
$1.23M – $1.65M
NOI $98,792 @ 7.0% cap · market cap 6.59%
Second Best
Industrial
$1.16M
$1.02M – $1.36M
NOI $81,358 @ 7.0% cap · market cap 5.43%
Theoretical Best
Office A
$6.53M
$5.71M – $7.61M
NOI $456,772 @ 7.0% cap · market cap 30.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
28 ft
Clear height
2
Dock-high doors
Location Intelligence
Trade Area within ½ mile
662
Businesses Nearby
Explore this area
Business Placement
Demographics for 60002, IL
24,086
Population
10,526
Households
2.3
Avg Household Size
42
Median Age
38%
College-Educated
95%
High-School Grad
33.3 sq mi
ZIP Area
723
Density / Sq Mi
$109,047
Median Household Income
$55,070
Median Earnings
$1,176
Median Rent
$287,800
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Manufacturing property - Insulated industrial construction, refrigerated production space, and multiple loading points support food manufacturing operations.
Where is this manufacturing property located?
The property is located at 947 Carney Court Antioch, IL.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: 18,900 SF refrigerated food production facility on 1.13 acres; FDA approved with NSF, SQF, and Kosher certifications; Insulated metal panel construction with 17- to 28‑foot clear heights
